Bitcoin Stalls Below $68K as Pi Network Token Surges: Market Update

Bitcoin’s recent attempt to reclaim the coveted $70,000 resistance level has ended in rejection, with the primary cryptocurrency falling over $2,000 in subsequent hours to trade below $68,000. This marks another chapter in a volatile period that began in early February when BTC plunged to $60,000, its lowest point since October 2024. Despite a rapid recovery that saw it rocket to $72,000, the asset has since been trapped in a trading range between $68,000 and $72,000, unable to establish a decisive upward trend.

The failed breakout attempt has tangible consequences for Bitcoin’s market position. Its market capitalization has declined to approximately $1.355 trillion, according to the source data. More significantly, Bitcoin’s dominance over the altcoin market—a key metric watched by traders—has been hit, falling below 56.5%. This indicates that while Bitcoin is struggling, some capital may be rotating into or being generated by other segments of the crypto ecosystem, albeit amid overall market weakness.

The bearish sentiment extends across most of the major altcoin market. Ethereum has failed to reclaim the psychologically important $2,000 level after another minor daily decline. XRP has lost the $1.50 support following a 2.3% drop, while Dogecoin (DOGE) has dipped below $0.10, nearly erasing all gains posted during the previous weekend. Other prominent assets like Solana (SOL), Cardano (ADA), and Chainlink (LINK) are also trading slightly in the red. Binance Coin (BNB) and Tron (TRX) have posted only insignificant gains, offering little counterbalance to the prevailing negative trend.

Against this backdrop of sluggish performance, Pi Network’s native token, PI, has emerged as a notable exception. The token has turned green daily, jumping to almost $0.18. This surge follows a period of extreme volatility where PI plummeted to an all-time low of $0.1312 before rallying to a local peak above $0.20. The current price action has propelled PI back into the top 50 cryptocurrencies by market cap, with its valuation now standing at approximately $1.6 billion. Other gainers from the top 100 include STABLE (up 15%), M (up 14%), and NEXO (up 8%), though these moves are isolated within a generally declining market.

The collective struggles of Bitcoin and major altcoins have directly impacted the total valuation of the cryptocurrency market. The total crypto market capitalization has slipped back down to $2.4 trillion, reflecting the loss of momentum and the ongoing challenge of overcoming key resistance levels. This consolidation follows the sharp recovery from the February lows and suggests the market is entering a phase of indecision, caught between bullish recovery hopes and bearish resistance realities.

The current market structure highlights the persistent volatility and sector-specific rotations within crypto. While Bitcoin’s dominance dip suggests some relative altcoin strength, the data shows this is not a broad-based altcoin rally but rather selective, often speculative, movements like that seen with PI. The performance of Pi Network’s token, while significant for its holders and project, occurs against a macro canvas of caution. For the broader trend to turn positive, market participants will be watching for Bitcoin to firmly reclaim the $68,000 to $70,000 zone, which would potentially open the door for a more sustained recovery across the board.